A home for sale in Laguna Beach’s Top of the World area just saw a $75,000 price reduction, and a $350,000 price reduction overall since it was first listed.

CLICK on photos above for larger images.

Located at 3044 Cresta Way, the home is listed as a short sale for $750,000 and has 5 bedrooms, 4 bathrooms, 2,500 square feet of living space on a 7,500-square-foot lot and ocean views. That breaks the price down to $300 per square foot.

It last sold for $960,000 in 2004 and was first listed for $1,100,000 in May.

You have to remember that Laguna Beach doesn’t have a very large stock of homes for sale in this price range – let alone this size. And, yes, this listing is headed towards ‘cheaper’ as far as Laguna real estate is concerned.

Per the listing description:

“BACK ON THE MARKET. Rare Opportunity in Top of the World. With five true bedrooms (including three bedroom suites) and four full baths this home enjoys ocean views and is a very short distance from Top of the World Elementary School and Thurston Middle School. Access to the Laguna Coast Wilderness Park and its thousands of acres of hiking and biking trails is just a few blocks away. The kitchen has been beautifully upgraded to include granite countertops and newer appliances and the living room and formal dining rooms both have natural hardwood flooring and share a two-sided, wood-burning fireplace. High vaulted ceilings in the living room, dining room and master suite. Enjoy all of the advantages of living on Top of the World from this spacious and well located home.”

There are no Mello-Roos taxes and no HOA fees. What do you think…would this make a nice investment property?

This home is listed with Ryan Clark.

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